Advanced Apprenticeship in Advising on Financial Products (Financial Advice)
What is an Apprenticeship?
Apprenticeships are funded programmes of study that help employers derive maximum value from training budgets.
They are available in many sectors, including insurance and financial services.
They play a key part in addressing the skills gaps and shortages that exist in the wider financial services sector and beyond. Apprenticeships comprise the following elements:
- Knowledge qualification – this is the part that contains a CII unit/qualification
- Competence qualification
- Key Skills/Functional Skills
- Employee Rights and Responsibilities (ERR)
Apprenticeships allow staff to develop their technical knowledge, acquire new skills and benchmark competence.
Depending on the age of the Apprentice, the employer contributes towards this work-based training on a sliding scale.
There are three frameworks that relate to financial services and which feature CII qualifications – the Level 3 Advanced Apprenticeship in Providing Financial Services; the Level 3 Advanced Apprenticeship in Providing Mortgage Advice; and the Level 4 Higher Apprenticeship in Providing Financial Advice.
What part does the CII play in Apprenticeships in Providing Financial Services?
In England, the frameworks were revised in May 2011. Revisions are expected in Wales later in 2011, with Scotland and Northern Ireland not expected to make framework changes at this time.
Staff taking the Advanced Apprenticeship in Providing Financial Services take one of the CII’s Certificate-level qualifications that relate to the role:
Those completing the Certificate in Financial Planning as the knowledge qualification can apply to use the designation ‘Cert PFS’ (CII membership and Continuing Professional Development requirements apply). Those completing the Certificate in Equity Release as the knowledge qualification can apply to use the designation ‘Cert CII (MP and ER)’ (CII membership and Continuing Professional Development requirements apply).
Who delivers Apprenticeships?
FE colleges and private training providers deliver Apprenticeship for employers in the workplace. This allows the employer to focus on other activity. Larger employers may also deliver the Apprenticeship using existing in-house expertise.
Who funds Apprenticeships?
The National Apprenticeship Service (NAS) funds Apprenticeship provision across all sectors in England, and allocates funding to colleges and training providers.
For 16-18 year olds taking an Apprenticeship, neither the learner nor the employer has to pay for the training.
For 19+ year olds taking an Apprenticeship, the employer will typically pay 50% of the cost of the programme.
Who develops Apprenticeships?
The Financial Skills Partnership (FSP) develops Apprenticeship frameworks in the financial services sector. They do this in consultation with professional bodies such as the CII and sector employers. For more information visit www.fssc.org.uk
Why take an Apprenticeship?
- Apprenticeship training is free for those below 19 years old at the start of the programme, freeing up budget for other activity
- Apprenticeships typically take 12-18 months to complete so are useful recruitment and retention tools
- Those completing the Certificate in Financial Planning as the knowledge qualification can apply to use the designation ‘Cert PFS’ (CII membership and Continuing Professional Development requirements apply). Those completing the Certificate in Equity Release as the knowledge qualification can apply to use the designation ‘Cert CII (MP and ER)’ (CII membership and Continuing Professional Development requirements apply)
- Apprentices receive high levels of support from the delivery team
- The content of the Apprenticeships meet the regulator’s training and competence requirements
- Anyone over the age of 16 who does not hold a degree is eligible to study for one
- Allows for specialisation, rather than a ‘one size fits all’ programme
- All exams are available online and on-demand, with results provided instantaneously
- A ‘Record of Achievement’ is awarded for each CII unit passed and a Certificate is awarded upon qualification completion, providing portable and permanent evidence of learning undertaken. Learners also receive an Apprenticeship award upon completion.
Progression routes
Staff who have completed this Advanced Apprenticeship will hold a Certificate-level qualification and can progress to the next appropriate qualification, for example the Diploma in Regulated Financial Planning.
Who should take an Advanced Apprenticeship in Providing Financial Services?
- Anyone wishing to gain a solid understanding of the financial services market, and financial planning advice in particular
- Anyone requiring an understanding of regulatory issues, investment products and the process of giving advice to clients
- Anyone who gives financial advice to clients, including independent financial advisers, tied agents, para-planners and other staff such as pensions specialists and financial analysts
- Financial services administrative and technical support staff
- Staff employed in support functions such as training, compliance, human resources, marketing, IT and finance who wish to improve their understanding of the business in which they work
- Anyone wishing to gain a professional qualification, acquire knowledge and benchmark competence.
Apprenticeships in Northern Ireland, Scotland and Wales
If you are based in Northern Ireland, Scotland or Wales and wish to find out more about Apprenticeships, please contact CII via the details below.
Next steps
If you are interested in being an Apprentice and would like to apply for an Apprenticeship programme, please visit the Apprenticeship Vacancy Matching Service website to check for local opportunities.
If you are an employer and would like to offer Apprenticeships as part of your workforce development, please email discover@cii.co.uk for more information.
Contact us
CII Customer Service
tel: +44 (0)20 8989 8464
fax: +44 (0)20 8530 3052
e-mail: customer.serv@cii.co.uk
